Elaine King And Her 5 Tips For The Tax Season

2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15

The tax season is in full swing and this 2019 the Internal Revenue Service (IRS) has made a series of modifications to the tax regime that have caused uncertainty in some. The changes stem from President Donald Trump's tax reform and take effect for the first time this year.

To avoid panic and plan accordingly, People en Español consulted money guru and family finance expert Elaine King to talk to us about it.

CFP® and founder of Family and Money Matters ™ will be one of our panelists at Poderosas Live! 2019, which will take place this Saturday, March 16, and here gives us five tips to survive the season.

1.- Take advantage and save for your retirement

“Open some type of retirement account such as a 401K or an IRA or an HSA health program. There are two reasons to do this: the IRS is giving more deductions, you can put something like baking cupcakes for your children's school or some meals, office things if you have it at home, you can deduct part of that. It is having a lot of discipline with finances to deduct and pay less taxes”.

3.- Use an online system to take control of your finances

“Tools like Quick Books and Intuit help to account for your expenses. At the end of the year I print my report to my accountant. It is something I do all year. You have to rely on programs that already exist.”

4.-Avoid mixing pleasure with business

“If you have your own company, use two credit cards and separate your personal expenses from the professionals. So at the end of the year you print the annual expense report and it helps you keep control of your personal and professional budget. I also have a personal and professional checking account, totally separate.”

5.-Take advantage of the tools to have credits

“There are credits of children who have gone up [like 529 college savings plan], if they have children who are studying they can save and deduct up to four years of college. tax payment. "I have seen many people who have suffered for not paying their taxes and in the end the penalties, the time to go to the accountant … those ntarios @elainekingfp